Quick analysis: Another “Up” Month
In May, TCPA (+20.7%), FDCPA (+25.4%) and FCRA (+4.2%) suits were all up over April, and TCPA (+9.3%), FDCPA (+19.2%) and FCRA (+23.3%) suits were all up YTD as well. Meanwhile, CFPB complaints were a bit down for the month (-5.8%) but still way up for the year (85%!).
On May 31, 2024, Colorado Governor Jared Polis signed into law a bill that amends the Colorado Privacy Act (“CPA”) and introduces new obligations for processors of biometric data. These new obligations target the processing of biometric data when it is used for identification purposes. The law goes into effect on July 1, 2025.
The Supreme Court on Friday overturned a landmark 40-year-old decision that gave federal agencies broad regulatory power, upending their authority to issue regulations unless Congress has spoken clearly. The court split along ideological lines in the dispute, with Chief Justice John Roberts writing for the conservative majority. Justices Elena Kagan, Sonia Sotomayor and Ketanji Brown Jackson were in dissent. Kagan read portions of her dissent from the bench.
The due diligence required to hire a collection agency can be exhaustive. Site visits, reference checks, policy and procedure reviews, cyber reviews, testing and more – and that’s not even counting the contracting phase. The last thing anyone wants to think about is termination preparations! But, the time to think about termination is at due diligence and contracting. Most creditors include a termination clause in their contracts with agencies. Most make a lot of sense at the time of contracting. However, at the point in time when termination seems imminent, the contract clause doesn’t often seem to cover the necessary fine details.
According to a study by SecurityOrg, 60% of the credit card holders in the USA have experienced fraud. Four out of five American adults have a credit card while three out of them have experienced major or minor frauds. These are approximately 52 million Americans with a median fraud of $100 in 2024 while it was $79 in 2022. One in five frauds also recorded being scammed of $500 in 2024.
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